Here’s Why GoFundMe Is Becoming More Popular In The Healthcare Industry

It can be very difficult for some to earn money, even those who got full-time jobs and the ones who have more than one jobs, still can’t have enough especially if they need a big amount in such a short amount of time. Financial experts always recommend having enough on their emergency funds so that when unexpected incidents happen, they will have money to spend.

However, there are times that even emergency funds can’t cover the necessary expenses, especially if it is money that is needed for unexpected medication or other health-related problem that needs immediate action. Since we’re already in the modern times and almost everything is digital, there is a now a way for people to ask others for donations by simply indicating their goal amount alongside their reason or story for it.

One of the most famous websites for that has got to be GoFundMe. It may be pretty popular but there are still a lot of people who don’t have any idea what it is or how exactly it works. Here are some things you need to know about it, as well as its own pros and cons.

Understanding GoFundMe

There are now a lot of companies out there whose goal is to basically become a medium for people who are seeking for some donation. Usually, charity institutions are being given by donations, but in websites like GoFundMe, it doesn’t have to be such a sad story to find people who would help you.

Not everything is about needing money for healthcare, some people need money for their business or for personal use. GoFundMe is being used more commonly by those who would like to fill their health insurance gaps. As the largest online fundraising platform, more and more people are actually contributing to it and they have managed to raise over $5 billion in the last few years.

They have been in the industry for more than 8 years now and they have received over 50 million donations. This is one of the main reasons why people set up a GoFundMe and expect strangers to simply donate some money for them.
Their chief executive officer Rob Solomon said that almost 50 percent of people who are in GoFundMe need money for medical matters. In a statement, he said that people get touched by financial hardship stories by those who are in GoFundMe, most of them have illnesses and just a small amount of $20 could literally turn into $100 and more.

According to an economist from the Commonwealth Fund, Sara Collins, people do this since it is way easier than having to rely on their healthcare insurance. Americans can no longer afford the expensive healthcare system in the country despite having insurance. Those who couldn’t afford to get insurance tend to go to websites like this in order to get the money they need, it may take some time but it is far better.

The Good and the Bad

GoFundMe only get 5 percent from the donations that people give their patrons, it may seem such a great way to help people but it turns out that its benefits can also be a disadvantage for some. It is a fact that there are a lot of advantages people get from asking for donations through their website, a lot of children who were ill were given a chance to heal because of the money that they have received from strangers online. Some others who were in need of medical services or facility such as needing a wheelchair and such were given a chance to have one.

Making donations has indeed never been easier, anyone can literally send people in need some money in order to help. However, some experts think that there are people who will simply hang on to donations instead of trying to earn the money they need.

It is never okay to lean on to others for help especially if you know that you can help yourself. There are some people who are in GoFundMe and they are simply there to ask for donations that involves unnecessary things such as money for cocaine, for gambling, for expensive things, and more. Unfortunately, there are some who make fake situations in order to get sympathy and donations.